GOODS & SERVICES TAX (GST)(Status as on 3rd June, 2017)

Goods & Services Tax: a destination based levy on supply, with electronic returns, input tax credit matching and composition options. The document explains GST as a destination based levy on the supply of goods and services replacing multiple indirect taxes, with concurrent levy by Centre and States and IGST for inter State trade. It outlines CGST/SGST mechanics, place/time/value of supply rules, a composition scheme for small taxpayers, PAN based registrations, electronic returns/payments/refunds, and a conditional matching mechanism for Input Tax Credit with reversal on mismatch and specified time limits.